Treasury has announced a plan to legislate to require companies to keep details of their beneficial owners. As part of a drive towards greater tax transparency, the Government will amend the Companies Act and Money Laundering Regulations to require companies to get and keep information on who owns and controls them. New rules will require this information to be held in a central registry maintained by Companies House. The intention is that relevant regulators and authorities will have access to it. It will consider whether the register should be publicly available. Treasury says the Department for Business Innovation and Skills will consult in the summer on the design of the new system. (Source: Government to Introduce Beneficial Owner Records Plans)